tv FOX Business After the Bell FOX Business October 16, 2012 4:00pm-5:00pm EDT
ace limited. go ahead, ask the next question, i dare you. david: insurers aren't alone. some health care names hitting 52-week highs. right? nicole: that is right, that is whht i was getting two. on the move waiting for their earnings tomorrow. apple of course with the new ipad mini. david: let's take a look at how the indices are shaping up. the s&p up over a full percentage point. dow jones industrials again percentagewise less than the s&p. the nasdaq doing quite well. still doing quite well as the russell 2000. liz: we are waiting on me to earnings. ibm and intel, two dow
components, two giants. scaling back last month when it cut the sales outlook. we will find out what kind of a hit they're taking from the slow growth. chief financial officer coming up live and ibm put in a solid performance of 13%, but will it reports a second revenue decline? we will have the revenue for you. david: and helping material stocks. also the falling dollar, giving a little bit of a boost to energy stocks including phillips 66. liz: shares a second largest pizza chain seeing a pop after you heard from sandra smith, the top of expectations, so many people ordering during the olympics getting excited, domino's pizza sales let up 3% in the u.s., 5% jump
internationally. pizza is an international food, we remind you. david: legendary investor jim rogers is here, he says the lost decade isn't a one-time event for the united states which is why he is putting his money overseas. after being negative on one country's entire career, he is changing tune. which country is that? he will be here to tell us. liz: intel revealing third-quarter results any moment. then: the financial shops you did an inside look into today's numbers, chief financial officer and senior vp. we'll ask him about pc sales. can one balance out the other? david: a lot happening, but first what drove the market with the data downloads.
all three major indices closing in the green. word out of europe things will calm down. the s&p posted the second straight day of gains. materials and technology the top performing sectors while telecom did well. the highest level they've had in more than six years in october. they said the housing market index rose one point. liz: what happened here? >> the stock down after the pre-announced they would miss on revenues. below are diminished estimates $13.5 billion of revenues, 7% stock wise. earnings and operating bases beat the street by $0.60 per share diluted number continues to dig in on the forecast.
we will be back in just a minute. liz: the server discussion, that revenue $2.65 billion really is the pc numbers that we are going to be looking at specifically as soon as we can break those out, robert is looking at them. a stock moving higher on this. david: in the pits of the cme with more on this. telling us about what is happening overseas affecting the market. flex focus on intel for the moment. we don't see much of a change, little bit of a pop after hours, what do you think of these numbers? >> it was easy to beat. the stock has taken a 35% hit this year from th a high of 29. a natural bounds. i would expect this stock to
stabilize and maybe a little bit down from here. it is not participating in the overall market. liz: everybody is waiting to see how windows 8 will affect things. i keep on hearing later in october, we're almost at later in october while intel says they are pleased with the ultra book sales, the question is the street pleased? >> that is what we are looking at. telling you it is not real thrilled with what is going on. there is not a lot to look forward to. a great company and eventually will grind their way back up. so hard to move the stock up eventually we get the next up like in the market to get the stock to actually move.
david: we have to move on, but ibm is coming up any moment now, more of a steady, solid gains dock, isn't it? >> ibm has always been steady. it is a tale of two cities. this stock should continue to fall the market and its self, a solid company, they will continue to grow and continue to be profitable and continued to go up. ibm will sell off a little bit. if the fundamentals are great. david: put that back on the screen, we can see it popped a little bit above the end of the day trade but right now trading a little bit below, the expectations were so high, they tried to lower them a little bit, but not enough, traders are not thrilled.
the board of directors of citigroup elected ceo after the ousting. so what does a shakeup mean for the bank? liz: joining us now, jim rogers, private investor of a gift. this announcement is very heavy. the guy under him out. would you buy the stock here? >> not with my money or your money. i wonder how he got the job in the first place. here is a guy who failed as a hedge fund manager, all of a sudden sold citibank. david: you are wrong. he succeeded as a hedge fund because he sold his hedge fund for $800 million to citi. >> you are exactly right.
the hedge fund with a mediocre record which he then turned around. why did they make hii ceo? david: i believe it was 2007. look, the fact is that citigroup for decades, the definition of crony capitalism always looking for bailouts, they were doing it from the mid-90s they did it for bad russian deaths and of course treasury secretary became the leader at citigroup. i wonder the same thing will happen again. maybe tim geithner once he leaves the white house will join. >> you are bad for my nervousness. i would short again. have you ever known tim geithner to be right about anything? liz: can i stand up for citi for one second?
anything i've ever done with them has done extraordinarily nice. checking accounts and things like that, look at that and say dropping down into moscow, there it is, into any country, they have a quality and solid consumer banking business, do they not? if that's not worth something? >> if your check clears, i think you are okay. the stock has done nothing for a long, long time. the ceo during this whole time. the rest of the balance sheet is not very strong. who knows what is in there. i don't know why he ever got the job in the first place. he did not know anything about ranking. citibank supposedly a huge commercial banker. david: can anybody turn it
around? >> yeah, of course. david: who can turn it around? >> certainly not a hedge fund manager. david: what i'm asking is some people say it is impossible to control. >> don't say that. they have the new guy. we presume he knows something. maybe this bank will be run. david: are there any financial stocks right now that you bet on? >> i was short jpmorgan as of yesterday. a couple of calls are jpmorgan. if you call that betting on something. somebody who doesn't understand commodities. a big problem in the credit card division stocks near an all-time high.
the world says everything is fine. it probably is behind them, yes. the stock is back to all-time highs. i think the world has problems. david: were getting a little bearish on russia, what is going on there? >> i've been bearish on russia for 46 years. they have been hit or miss. but it seems to me the government is finally getting their act together and can't just take money away from people. you have got to play by the same rules as everybody else. david: he did a fine job and the only reason he's i he is in jail because he was against putin. >> you're missing my point, that
was done 10 or 12 years ago. in my view things have changed. if i had been here for the last 12, 46 years i would have said you have to avoid them, they don't know what they're doing. if they were crooks before, that has changed. he and his allies now realize that way doesn't work. david: you're the one who's always telling me that. >> i do not defend past actions in russia. you can ask me in 10 years if i was right or not. david: gold is only 3% of that index which strikes me as strange given the importance of gold in the whole world market. >> the index depends on how
important it is to the world economy. >> not for the rest of the world compared to oil, wheat, things like that. david: there more important? >> walk around the world and see how many use them. i own gold, don't get me wrong. liz: ibm earnings, we will say thanks and get to adam shapiro. excuse me, robert gray. >> ibm coming in line for the earnings, the revenue numbers $27.4 billion below the estimate of 25.38 billion. also take a closer look planning a negative currency impact for nearly a billion dollars making up for the shortfall and then some compared it to the analyst
estimates. also going to say software revenue down 1%. flat when adjusted for currency and the services backlog up 1% year ove year. liz: the last trade, you can see it is trading down on this news but let me just point out, $10.4 billion, also looking at ibm waiting for comments but asia-pacific revenue of $6.5 billion. and in the quarter about 12.3 billion in cash on hand, so watching to see if there is any acquisition behavior on that but they haven't done too much on that. david: $1 billion in a bad currency play is important, you factor that in, pretty much sums up why it came down.
liz: intel, we have the intel cfo, beating the top and bottom lines. findwhat lies ahead for the gigantic chip maker and how concerned is intel about declining pc sales. not just in the u.s., but globally. keep it here on fox business. [ male announcer ] this is steve. he loves risk. t whether he's climbing everest, scuba diving the great barrier reef with sharks, r jumping into the marke he goesith people he trusts, which is why he trades with a company that doesn't nickel and de him with hidden fees. so he n worry about other things, like what the market is doing and being ready, no matter what happens, whh isn't rocket science. it's just common sense, from td ameritrade.
liz: let's get right to nicole petallides down under for the new york stock exchange looking at the two big names that have just reported. nicole: that is right. let's take a look at the dow components in the technology realm. the nasdaq selling off, names managing to come back. looking first at intel which beats the street, take a look at how that is faring right now ibm also another name reporting that ibm 204 and change. not looking good for that particular name. breaking down the numbers, they look like they're under some pressure and could factor in tomorrow's opening bell as well. starting to date back to late last year and looking back to 2008, we will see what happens here tomorrow after we see both of these names. both are under some pressure.
david: looks like it is sinking back down below that. liz: it will giv would give youe of how sales are doing globally. david: vikram pandit has been ousted of his position at citigroup appointing michael corbat as the new ceo. liz: a number of people saying this was the right move for citigroup. in about 15 minutes we will year from citi's chairman and the new ceo in a conference call but in the meantime adam shapiro gearing up to listen in on that call has more details. at them. >> he started right out of harvard, and of course the big mergers that took place. bringing him in.
let's take a look at some of the things that occurred under his watch. she talked about the bailout. just to give you an idea of the huge amounts of money that taxpayers have help with. first you can see the citi stock is down. $45 billion would help them in bailout funds. $99 billion line of credit through the federal reserve. now, michael corbat has been in charge of investment that assets, close to $500 billion worth of. currently the ceo. europe, middle east and africa. he was at one point ceo of citi holdings. set up to help divest citi of
their assets. back to you. david: adam shapiro, thank you. liz: the stakes are high for the debate. election day three weeks away, can he keep up the momentum he created at the last debate? will president obama score some big marks? the washington bureau chief joining us tells us what we need to be paying close attention to and whether we can expect any surprises. [ male announcer ] how do you help doctors turn billion of bytes of shared inrmation... ♪ into a fifth anniversary of remission? whatever your business challenge, dell has the technologynd services to help you solve it.
liz: president obama and governor mitt romney tearing up for the second presidential debate tonight. after obama lackluster performance, democrats are hoping the steps it up. rings back in a game and republicans are looking for governor mitt romney to build on his left performance. david: "wall street journal" bureau chief joins us now. thank you for being here. >> i'm having chinese. just wanted to clear that up. david: frankly i think people will need two boxes on tv to watch both. the last debate i think it is fair to say is more about specifics. it was very heavy on the specifics. this time it will sort of be on general themes, willis not? the theme of what a romney presidency would be like or what a second term would be like under obama. >> that is right, that is what
you get under a town hall format. this will be an audience of 80 some average voters posing questions and they tend to want to know vision, what are you going to do the next four years. they don't tend to be interested in the last four, eight, 12 years which is the way those of us in the press and the candidates way to approach things sometimes. they like to know what are you going to do for me read it will be a different feel. probably not a good environment for president obama to do and the democrats to do, find a way to be tougher on mitt romney. voters want you to be tough on the other guy, they want you to be talking to them. liz: hard to believe any poll, they show differential's, but it is very close. neither candidate is truly invigorating the overall voting public, is that true? >> that is right. i spent some time looking over the aggregated polling data.
two candidates who have done a good job to solidify their base. the base is very locked in and they're very excited about this. people in the middle are still floating around. one of the interesting things tonight is how do you reach the people who are not locked in. neither of these guys have to consider solidifying the base. they are doing what they're supposed to do. starting to come home for president obama. evangelicals have he already coe home. david: even though we said it will not be about specifics, there are a couple of specifics we will hear about. i got a mass mailing with the obama campaign, again she is focusing on the $5 trillion figure, the cost of the romney plan. now some of the people that president obama cited as sources
for the $5 trillion for that figure has been misreported. are we likely to see a revisitation of that? >> yes, but probably with less specificity. they will be dispute over the math, but tried to convey the message he's trying to use to say you can't do all the things governor romney is promising. you cannot raise defense, cut taxes and reduce the deficit, it does not add up. that is as far in terms of details tonight. it will lead from the president's point of view leading to a broader conversation of this is what i would do, this is my vision and how much economic view creates growth. liz: will we hear the 47% number, will we hear the president give that up? >> yes, you will. there was regret he didn't in the first debate.
hard to bring it up, he would rather bring it up accusing governor romney of something. you will hear the figure 47%, yes. liz: thank you, good to see you. definitely watching the debate. don't forget fox business will bring you all the action right from the debate with our special coverage, neil cavuto there at 8:00 eastern. david: meantime sales falling at intel, what is being done to turn that around. a big slowdown in pc sales because of the growth of smart phones. can intel get on the inside of the smart phone market? we have intel cfo. liz: ford recalling thousands of cars due to an airbag problem. don't forget to log onto facebook.com/afterthebell. let us know what you think. would you buy intel or ibm right
so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we justhanged the format altogether ? isn't that the exact same thing ? it's pretty clr. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined.
david: time for a quick speed read of some of the day's other headlines, five stories in a minute of the first up target will match select online competitor price this is holiday season of the retailer announcing plans to match prices amazon, wal-mart, best buy, toys "r" us, products between november 1st and december 16th. we'll see how that works out. general motors plans to invest $35 million in its detroit amtrak assembly plant for the production of the battery powered cadillac elr the production is started to be next year and alongside the chevy volt. amazon women hire 50,000 temporary workers for order fulfillment centers. they expect thousands of seasonal hires to stay on
afterwards for full time. ebay full paypal unit is planning hundreds of layoffs. they issued a statement to nearly 13,000 employees about the plan to strengthen and simplify products. ford recalling 355,000 fiesta cars to fix a problem with side airbags. it affectses 12011 to 2013 [buzzer] liz? liz: welcome back. i'll give it to you. intel beat on both the top and bottom line of the as for earnings per share coming in at 60 cents. the estimate was 49 cents. we have the guy calling the financial shots inside the chip giant. stacy smith in, intel chief financial officer and vp. david and i look at a stock after earnings come out. first you were up. then you were down. now you're moderating pretty much where the stock closed. we're putting that aside and saying yes, you beat on both the top and bottom line.
what got you there? these were downwardly revised numbers you guys said a month ago that we have to revise them because things are slower? >> i would characterize the third quarter we saw some growth in the pc market. a little less than seasonal but we did see some growth but what you're seeing out there our customers are managing their inventory levels cautiously. that impacted us in the third quarter. we think that will impact us some more in the fourth quarter. we're seeing this level of caution out there. that side we're in the middle of this great product cycle. that has me pretty excited about the coming quarters. liz: well you guys, you say your customers, you throw that term out. you're inside apple computers. not the ipad. you're in some of their computers. you're in hewlett-packard. you're in dell. we just saw over at dell, over at hewlett-packard, we were with meg whitman, they have been very excited about some of their pads and things like that. they're coming out with smartphones they say. they're waiting on this but they didn't really mention
pcs. we know that pc sales are down. are you meaningfully branching out in the smartphone word? we know you have the indian smartphone for the lava phone but what are you exciting about coming up now? >> just to correct one thing. we saw pc sales up in the third quarter. we expect them to be up in the fourth quarter as well. put that aside. you're right, we're seeing level of innovation across all the different form factors. one of the most exciting things which are happening right now. all these devices that compute and connect to the internet. there are all these markets performing. we compare to beginning of the year, there are 100 ultrabook designs coming to the market in the fourth quarter. many are touch enabled. they are innovative designs that are convertables and those kind of things. we're in 20 difficult tablets that will be shipping in the fourth quarter of the at the beginning of the year we weren't really in any
tablets. over the course of 2012 we were building design winds and phones. we're in lava phone. these are shawl for us from a volume standpoint the design wins are significant. we're seeeng great critical acclaim of the strength of the technology we're bringing to our customers. and that's exactly what we needed to to do in 2012. liz: i hear you. and i get that i have seen and i hear about the windows 8 excitement that will enable the touch-screen. people are saying it, talking about analysts, roll your eyes, oh the analysts again, that intel is in denial. they didn't recognize the trend quickly enough. what do you say to them as ultrabook sales are perhaps starting to take hold but not quite as exciting as ipad sales for example? >> well, i would say that you know, we are moving the company very rapidly towards participating across all of these different markets. we have a very strong position as you say in pcs.
with ultrabooks and convertables and touch-screens i firmly believe there will be a level of innovation and excitement in this industry we haven't seen for a long time. liz: what is the most exciting thing you see out there? what grabs your attention? >> you know, i think some of the convertable ultrabook designs we're seeing that will come to the market in the fourth quarter are extremely innovative. there are no compromise devices and they're hitting price points kind of in there with the tablets. you end up with the possibility of a touch-screen convertable ultrabook does anything i need to do from productivity standpoint and can be a tablet in other modes when i'm traveling things like that. those devices will be really exciting. they will generate a lot of enthusiasm and a lot of momentum in the industry. liz: some twist right off. they have magnetic holds and it detaches to it. let me get q4 outlook, current quarter, 13.1 billion to 14.1 billion.
i guess the midpoint of that is slightly below what the analyst expected. analysts thought 13.7. how confident are you that you might best that? >> well, you know, we put out a forecast that is consistent what we know when we started the quarter. what we're seeing out there and what our expectations are for q4 we'll see some breath in the markets. a little less than seasonal. but an expectation based on order patterns what we're seeing from customers as they continue to manage things very cautiously. there are catalysts hitting the market in q4. all the new products i'm talking about. we'll see how they do over the course of the quarter. liz: hanukkah, christmas hello. need to spend money on the gifts. stacy, good to see you. thank you so much. >> good to be back. liz: stacy smith, intel chief financial officer and senior vp. let's get to adam shapiro with the breaking news news on the citigroup call and new chairman.
>> o'neill saying it was vikram pandit's decision to step down. he said quote, vikram chose to submit his resignation. there are no other shoes to drop. vikram was a person of impeckable integrity. he goes on to praise michael corbat. went to praise him you unanimously. now he is speaking about emerging markets. remember we spoke with dick bove. the internationalists are in control of citi. they're not as focused on the united states anymore as they are other markets. corbat saying we will remain focused on efficiency ratios and sheila bair may have something to say about that he said our strategy is unique and well-positioned for where we see the world going. liz? liz: thank you very much. he is going to break in if anything else happens on the call. adam, keep listening. we appreciate it. david, over to you. david: presidential
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penny but revenue missed estimates by a penny on lower shipping volume. it was bullish day on wall street. the s&p 500 posted its second straight day of gains and its best two-day run in a month. that's the latest from the fox business network, giving you the power to prosper energy is being produced to power our lives. while energy development comes with some risk, north america's natural gas oducers are committed to safely and responsibly providing generations
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who better to turn to for advice better than a former argentine economic minister. good to see you again. >> pleasure. david: start with argentina some people say is a basket case now. president kirschner has very high inflation. she has only 25% approval rating. i don't think that's a good prays to invest right now, correct? >> not in the next three years but i suspect 2015 we'll have a better government. for the time-being the policies there are awful. but you know in the rest of latin america, except venezuela of course, you have very good governments implementing very good policies. david: start with the biggest of all which is brazil which has had a tremendous boost over of the past couple years. the current president, speaking of radicals like in argentina she also was a left-wing radical but you say she will not affect economic policy there? >> no. she is implementing good policy. a continuation of lou la's
government, lou la was lula was a previous president. >> of course, i think that, in other countries which implement even better policies. david: start with the first country that was just listed colombia. colombia has always had a close relationship with u.s. businesses. that took a big hit when the drug lords and marxist guerrillas controlled the country but they have been pushed back quite a bit, right? >> they are doing very well and they are one of the best places to invest. david: would you say colombia is now the best place in latin america, the best returns? >> colombia and peru. peru is also a very good place. and of course mexico and chile. you know, these are poor countries that have free trade agreements with the united states. david: yes. >> that is very good for them. in addition their central banks are implementing inflation targeting policies
which have brought down inflation to, you know, three, 4% at most. and of course you have brazil. i think brazil has still some excessively protectionistic approach but i think, a good strategy for the united states would be to offer countries like brazil, like uruguay, and peru, the possibility of engaging in free trade negotiations. that would be very good for those countries but also for the united states. there are plenty of opportunities there. david: domingo, we have to invite you back specifically to talk about mexico. we haven't forgotten mexico. we have news coming on the citi front. there is analyst call coming in. the former finance minister from argentina. thanks very much for coming in. >> appreciate it. liz: david, the headlines are flashing "fast and furious"ly. in essence the ceo holding by the story and the chairman as well, thaa vikram pandit left of his own volition. david: we have a lot of evidence, or at least the
very least, strong advice from people that are inside the boardrooms that in fact it was not so. that he was ousted. that is the reason why he left. not only ceo but coo leaving very quickly. for that to happen so quickly is pretty dramatic and usually means somebody was pushed in the direction they didn't want to go. liz: we'll listen to q&a. it is open to reporters that are giving questions. shall we listen in? david: take it. >> i think what also happened the company has been engaged in a two-year process to make sure that if something like this happened we had a strong process and knew who should succeed the ceo. mike has been at theecenter of that process and as a consequence when this occurred we were very well-positioned to, you know, to take this action. so as i said, the board is, delighted that mike has been willing to take this
challenge on. i think he will do a very good job. >> great. last one, mike corbat, between your time at the company, your focus on holdings and your recent stint i'm curious to get your thoughts besides just what you mentioned, year-end c-car process and budget planning. is there any other special, get up to speed time you need as ceo, getting to know certain parts of the business a little bit better? or do you expect to be fully functional so to speak from the get-go? >> i think i'm fortunate in a couple respects. that i've been here at the firm for, going, 29 1/2 years. i've also been fortunate in those years i have spent% time in probably most every major division we have. i have spent time abroad as part of that. so i think i've got a pretty good understanding of where and how, the way the firm
works. so i think i come to the table with the benefit of that. but as always, i'm going to be a keen learner and you think that these processes we're going into are going to be a, a great way to do that through deep dive in the budget and ccar. i feel good where i am and where we are. >> okay. thanks to both of you. david: very interesting conversation. again they're denying, citi is denying that the charge that they in fact pushed our ousted panned panned from the post from the post. new ceo mike corbat said he could take over very smoothly. he has been there almost three decades. liz: adam shapiro has been listening in. they are smiles and rainbows at this point. >> i'm not sure there is a pot of gold at the end of this rainbow. charlie gasparino is reporting that pandit was ousted by the board. you heard mike o'neill saying despite that this was
vikram's decision, that there was a process last two years just in case, that was the caveat, just in case vikram was to leave and mr. corbat was at the center of that. that almost one thing, would reinforce what charlie gasparino has on about reporting all day here at fox business. there are a series of questions coming from the analyst who is are on the call what is going to change? one actually said, we're scratching our heads here. if nothing is changing, if nothing is going to change, what just happened with vikram pandit did leaving? the questions are centering on the cost structures at citi. you erred earlier today on fox business mike mayo saying there are problems. citigroup had what we considered, a rigged compensation schemes with artificially low hurdle rates for incentive pay. this question essentially asked during the conference call, mike o'neill, not giving a response what progress they're making to make the operation more efficient. so that is what you're listening to. liz: okay. thank you very much. we'll be right back with much more ahead.
venue gears up for tonight's battle. hi, peter. >> we're in the media center. you can see all our colleagues in the media getting together for tonight's debate. just in front of me is the spin room for this debate tonight and after the debate as usual. we'll get all the surrogates out in force. tell you there are lots of them coming out tonight. the list is quite long. i think a couple of dozen. now talking to folks in the romney campaign, they say governor romney hopes to keep up the momentum that he got coming from off of the debate in denver. he will attack the president's record on the economy and foreign policy. he will also try to connect a little bit better with voters here tonight. work on the likeability factor. obama, the president, is trying to rebound from his weak performance in denver and, wants to try to get a little more prep in, squeezing in one more hour of prep we're told before having dinner with the first lady. he then heads over here.
obama aides say the president will be more energetic and aggressive tonight. >> governor romney has done about 100 of these town halls in the last year. he has shown he has been a salesman his whole life. when he was at bain, doing his town halls. he knows what to say and what people want to hear. the president will be firm and but you know pretty forceful making sure he lays out what's true and what's not true what governor romney is saying this evening. >> this is going to be a town hall-style debate tonight. that will change the dynamic. because candidates will ask questions from 80 undecided voters picked by the gallup organization from here in nassau county out on long island. but they will, of course, try with their answers to these voters to get their digs in against each other, david and liz? david: you can watch it right here on fbn. peter, thank you very much. liz: take it "off the desk". the world's cheapest car
coming to america. indian carmaker at that time at that, is coming -- tata. this come back -- compact car is being redesigned. goes for 3500 bucks in india. david: what? liz: 3500. will cost a lot more in the u.s. expected to be about 10 grand. expected to hit our streets in three years. david: key things to watch tomorrow. housing starts. the report for august bouncing back 3.3%, following a 2.8% drop in july. that caused a real boost in housing stocks. economists are expecting a slight up tick, not as much as in the past in the tomorrow's report. liz: number one key thennto watch tomorrow is bank of america earnings. the banking giant reports ahead of the bell. analysts expect the bank to report a loss of seven cents. revenue falling to $28.9 bi